Vietnam’s Ho Chi Minh City to Create Blockchain Policies for Smart Cities Development

Ho Chi Minh People's Committee Vice Chairman recently announced that a Smart City-focused blockchain-based regulatory framework was coming to implement into the town.

The Vice-Chairman of Ho Chi Minh City, Tran Vinh Tuyen, announced that they would be developing a blockchain-based regulatory program for the development of the new technology of smart cities. The SHTP, which is an incubator for high tech enterprises, has signed an MoU with South Korean CBA Ventures to endorse blockchain tech and enhancing research in the sector.

The development of smart cities will embrace the use of new technologies like artificial intelligence and blockchain by municipal governments to improve citizen welfare and services. Blockchain technology has been highly adopted in the development of smart cities all over the world. Blockchain tech will help improve speed, immutability, and transparency of records.

To support the National Innovation Initiative to 2025, the Ministry of Science and Technology indicated they will prioritize blockchain startups in the national program. This program was approved in May 2016 by the Vietnamese government to create a conducive environment for businesses to thrive. According to the ministry website, the initiative will provide support to two thousand startups.

Recently, China rolled out a blockchain city identification system on November 4, 2019. China Wanxiang Holding, an Automotive giant, partnered with PlatOn, a blockchain tech company in June 2019, to develop a Smart City in Hangzhou. The University of Nevada announced early this year that it was running a project, Reno, creating an Autonomous Vehicle Smart City that is purely blockchain oriented.

According to Le Bich Loan, an executive at SHTP, the blockchain technology has made financial transaction systems more transparent and efficient for online payments.

Matthew North
Matthew North
Matthew is a virtual currency specialist based in New Zealand and has written about them since 2017. Matthew hopes to educate the public on the potential of blockchain technologies and how they will disrupt the future of finance.

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